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Over reaction? Hardly. The declines of 2008 were well deserved for economy built on quick sand. The market was built on the belief in assets that turned out to have little or no value. Frankly the same could be said for today's market. Only time will tell. If substantial earnings growth does not occur, which so far it hasn't, then is likely the market will stall or decline.
Status:
"Let's replace the puppet show with actual leadership."
(set 15 minutes ago)
Location: Suburban Dallas
52,698 posts, read 47,975,215 times
Reputation: 33865
Quote:
Originally Posted by Rambler123
Except the recovery started under Obama, so while it is not accurate to give credit to the economy to ANY president, it is factually correct to say "the stock market started doing really well again under Obama and rose to new highs."
On the other hand, it is factually INCORRECT to pretend that Trump started at a terrible low in the market - unlike Obama - and somehow drove the market to new highs. The reality is that under Obama, the market recovered from a huge crash to new highs, while Trump is just riding along on Obama's coattails.
Obama didn't want the stock market to go up, but no president can control that. There also was NO recovery under Darth Barry (who never had 3 percent GDP growth). With President Trump, we have seen unemployment go down, including unemployment for African-Americans now at a 40-year low, around 6.8%. What we have right now is a real recovery. And you Dems just hate that.
He even thanked himself for what Trump has achieved in just one year.
Thanks, Obama you arrogant fool!
Prove it
Actually when Obama first came as president there was a the greatest economic downturn since the great depression, and eventually the US recovered from this recession.
The economy gained a net 11.5 million jobs. The unemployment rate dropped to below the historical norm.
Average weekly earnings for all workers were up 4.1 percent after inflation. The gain was 3.7 percent for just production and nonsupervisory employees.
After-tax corporate profits also set records, as did stock prices. The S&P 500 index rose 166 percent.
The number of people lacking health insurance dropped by 15 million. Premiums rose, but more slowly than before.https://www.factcheck.org/2017/09/obamas-final-numbers/
December’s job report was under expectations and the previous two months were revised down. I’m sure the GOP’s give all the money to the rich bill will help.
Fundamentally sound corps not hurting (EPS) in industries unrelated to banking or the D3, collapsed in stock price.
They rebounded in 2009, but never should have tank.
The unrelated crash was an over-reaction.
All the leading Investment Banks taken out either through bankruptcy or distressed sales. Significant companies like AIG and GM bankrupt. Middle Class losing trillions of dollars of wealth and for many their jobs.
Dec 31, 2009 58.22
Dec 31, 2008 17.46
Dec 31, 2007 77.72
Dec 31, 2006 99.63
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you arrogant fool!